Capitalism in the Nigerian Concept

Capitalism in the Nigerian Concept

The Nigeria economy is said to be a mixed economy. This means that there is joint ownership of production resource by the government and the private entrepreneurs. Nigeria was a country under the British colony, having being under the British administration for years since her independence in 1960. as a result of this, Nigeria came under the western influence  and most of her socio-economic and political background are fashioned out of the western culture.

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The Nigerian capitalist concept is that of advance or developed market economy unlike the ideal prototype of a pure capitalist economy, which ensures a total private ownership, and use of resources and decision making by individual private economic unites. As modern in his book “ Economic of that –that first work (1955) opened the developed market economy as presently practiced by some of the first or developed capitalist market economies (those of north America, western Europe, Israel, south Africa, Australia, News land and Japan) are both mixture of private and public economic decision making. Over the years, Nigerian government, just as the government just as the government of this first world country have assumed increasing control over aggregate economic activity not only through the use of the so-called monetary and policy, but also through their growing and direct participation in economic activities in the form of privet industries, public enterprises and public investment programs. From the above, it can be said that the Nigerian economy is not the pure capitalist system given government participation in the economy. Government ownership of some key industries in the economy makes the Nigerian economy tends to shift towards that of a mixed economic system. These key industries commonly called statutory organization are organizations by statutes or decrees to take full control of the important sector of the economy. These sectors, if left in the hands of private businessmen would amount to the general public being exploited before their services from this sector reach them. Such sector where there is full government control includes Telecommunication, which is in full control of the Nigerian Telecommunication Limited. {NITEL} The Federal Government of Nigeria has privatized electric services, which come under NEPA {National Electric Power Authorities} both NEPA and NITEL. Despite the government interference in some strategic sector of the economy, the private sector participation is not totally left out. Private ownership of production factor is a major characteristic of a capitalist system. In Nigeria, the federal government has taken stapes in ensuring adequate participation of the private sector in the growth of nations economy. Recently the federal government embarked on privatization and commercialization programme and some statuary organization. This is aimed at ensuring equity participation of the private of some these government owned enterprises. This inturn increases the private sector participation in the nations economy thereby increasing the capitalist nature of the Nigerian economy. Some known features of capitalism, which includes the following, characterize the private sector participation in the Nigerian economy.

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One of fundamentals of capitalist concept in Nigeria is the competition in Nigeria. Individual who engage in private enterprise do so for many reasons of which the maximization of profit is the high priority. Private businessmen in their bid to maximize profit engage themselves in cot throat competition. Their believe is rooted in the spirit of “survival of the fittest”

Hence these businessmen to displace one another in this business deals put all the effort and machinery in place.

 Adulteration of goods

Also in their bid to maximize profit, the business indulge in some middle viscose activities like adulteration in quality and the quantity of goods. The Nigeria market has for the past decades witness an increase in the rate of adulteration of goods. Our market has been flooded with fake or imitation goods all in the bid to make money. This has necessitated in setting up some quality control organ to check the incessant adulteration of goods in the nations market. The national agency for food, drug administration and control (NAFDAC) is a good example of control organization set up by the federal government to check the activity of bad businessmen. NAFDAC as it is popularly has for the past years and recently dictated and destroyed low standard goods worth million of Naira which found there way into the Nigeria but which is not good for the human consumption.

 Hike in the price of goods

The consumer protection agency in their article journals of consumer protection (1995) opined that the Nigeria economy is such that there is no proper system of control measure. Price of goods is left to be determined by the forces of demand and supply. The private businessmen capitalize on these opportunities to increase the price of goods and service at their own description. This business in their bid to archive their aim of profit maximization creates artificial scarcity by hooding of commodities thereby creating increase in the price of goods, which eventually leads to artificial inflation.

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Other forms of economic sabotage

Re: money laundering printing of fake currencies

Nigeria businessmen has been known world wide as dubious. This is as a result of their engagement in some business practices. Recently, money laundering has been in vogue. Nigeria businessmen in their bid to get rich over night involve in doping both the foreign and their fellow Nigeria businessmen. This has resulted in the country having a very bad image in the international business scene. As earlier said, the excessive quest to accumulate wealth through maximization of profit is one of the basic features of capitalism. From the above, one can see that the Nigeria economy is capitalist oriented despite some matures been employed by the government to check the excess of capitalism in the process. Holder in his book “market in the west Africa (19967)” advocate that the Nigeria economy comes under direct control of the market forces (force of demand and supply) which resulted in the unstable nature of the economy as characterized by fluctuation on price of good and services. Government effort to stabilize and control the price of goods and service in most cases has failed in most cases. This is to the fact that the control of the majority of the production factor rest in the hands of individual businessmen. Finally the capitalist concept in the Nigeria economy has rooted itself so deep in the people believe that an average Nigeria business is only interested in the return of his investment. Emphasis should be made towards making people appreciate the fact that business unite do not only exist for profit motives but for some more important values including service and growth. Any business unite that dose not render quality service to the economy should not be seen as making any contribution to the economy. This service will eventually lead to economic growth and development. By appreciating this values, the Nigeria economy in particular will return to a sound equilibrium devoid of unnecessary and cot throat competition and other form of economic vices.

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  1. Kumchet Benjamin Dominic says:

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